How to Survive the Lockdown as a Small Business Owner



This time is probably the hardest for all businesses but I prefer to see this time as an opportunity. In this video, I would like to share ways you can survive in this crisis and things you can do with your business to come out of it even stronger and even better.

(1) DIVERSIFY. You cannot have just one business. You have to have several companies. You need to think about your personal safety net, about your family. What would have happened if I only had my study abroad company right now? Nowadays, I have an online business, YouTube channels, I do a lot of partnerships with companies. I would really advise you to have multiple businesses at the same time.

(2) PAY YOURSELF WELL. A lot of people would tell you to reinvest money back in your business and I agree. However, after a year of starting a company, I would suggest actually taking money out of your business because what’s going to happen if crisis happens. Then, your business will be stuck with zero revenue and you’ll be stuck with zero savings. Pay yourself a salary.

(3) GO ONLINE. If you’re online, you need to have an office space and pay for it. If you’re a small business, you cannot afford it in times like this. Another benefit of being online is that you can have contractors vs. employees.

(3) DON’T ALLOW people to pay you later. Always ask for payment upfront. When hard times struck, the last thing people would want is pay their debts back.

(4). REPURPOSE YOUR TEAM. Your people are amazing and you can start working on a new product together.

(5). GET RID of products that don’t generate profit.

(6). BE A LEADER. You have to be strong for your team, you have to have a vision, you have to have a strategy.

Time codes:
1:51 Build several businesses
3:12 Why you need a good salary
4:17 How you can go online with your offline business
5:25 Business model with postponed payments won’t work
6:18 do THIS with your finances RIGHT NOW
7:21 how to be a true leader in hard times

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#smallbusiness #recession2020 #howtosurvive

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  1. Geter Voice Over Services, LLC in Atlanta, GA. I am taking webinars to create online educational and entertainment content to sell instead of auditioning for projects as a union actor which is still in my business plan model. However, selling product is what I’m working on at this time.

  2. I provide employee benefits to businesses. I have gone virtual in doing my enrollment. With today's crisis I have been focusing on the essential businesses. Business is great…. I am just having a hard time transitioning my team to working remotely. Do you have any recommendations for businesses that are operating remotely? Any productivity tracking apps that you prefer? Any suggestions on what I can do to help with this transition. After this I might give up my office location and have everyone work from home. I just need to get a system so that we can all collaborate better.

  3. Can you please tell me that can i take linguistic as a main subject as i am a commerce background student i will apply visa of canada its my long dream to take linguistic subject???

  4. By different business do you actually mean different business or different revenue streams? I've just started watching your stuff, but it seems like all the examples you gave were the same line of business, but multiple ways to make money. Also, do answer your question, I'm in social media marketing, focusing on local businesses, and the main thing I'm trying to do is expand my personal brand to bring more value to my customers.

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